Top 9 Venture Capital Firms Investing in Hardware Startups

For founders building hardware, deep tech, or robotics companies, finding the right investors is critical. You need partners who understand the specific challenges of your industry, from long development cycles to complex supply chains, before you even start fundraising.

To help you prepare, our team at Rho has curated this overview of top venture capital firms that actively invest in hardware. Use this guide to quickly identify potential investors who are a good fit for your company.

Just raised, or about to? Set up your financial stack with Rho in minutes. Rho provides business banking, corporate cards, and bill pay—built for startup teams moving fast.

Which VC Firms in Hardware Are Right for Your Stage?

Whether you're an early-stage company or preparing for an exit, knowing who to talk to is key. Here is a quick overview of which venture capital firms specializing in hardware invest at each stage.

Pre-seed and Seed VC Firms in Hardware

Pre-seed and seed funding is for founders at the very beginning, helping you turn an idea into a viable product and secure your first customers. For hardware startups at this stage, technology-focused venture capital firms like mHUB, Comet Labs, and StartX are often a great fit as they specialize in company creation.

Early Stage VC Firms in Hardware

Early-stage funding, typically Series A and B, is designed for companies that have found product-market fit and need capital to scale their team and operations. Some of the top venture capital firms investing in hardware at this point include Lockheed Martin Ventures, Brick & Mortar Ventures, and at.inc/.

Late Stage VC Firms in Hardware

Late-stage capital is for mature companies preparing for significant growth, a potential acquisition, or an initial public offering (IPO). Examples of major venture capital firms that participate in these larger rounds for hardware companies are Cisco, iD Ventures America, and the Amazon Alexa Fund.

It's also worth noting that some VC firms invest across all startup funding stages.

To help you identify the right investors, here is a more detailed look at the top VC firms in the hardware sector. We've outlined their investment stages, geographic focus, and what makes each a strong potential partner.

1. Amazon Alexa Fund

The Amazon Alexa Fund is the company's venture capital arm, providing up to $200 million to support innovation in voice technology. It invests in companies that are pushing the boundaries of how people interact with technology through voice-enabled devices and services.

The fund invests across all stages, from seed to late-stage venture, signaling a long-term strategic interest in building out the Alexa ecosystem. Its portfolio features major consumer hardware successes like Ring and Ecobee, but also includes frontier AI applications like Osmo, a company digitizing the sense of smell.

If you're a founder developing hardware or software that could naturally integrate with voice technology, the Alexa Fund is an ideal potential partner. It's a great fit for companies seeking a strategic investor that offers both capital and a direct path into Amazon's ecosystem.

• Investment stages: Seed to late-stage venture, convertible notes, and debt
• Industries of focus: Voice technology, Artificial Intelligence (AI), consumer electronics, hardware, and Internet of Things
• Geographical presence: Based in Seattle, Washington
• Founded: 2015
• Notable portfolio companies: Ring, Ecobee, Greenlight, Osmo
• Number of investments: 141

You can refer to their website here.

2. Cisco

Cisco is a global technology leader that invests in startups through its corporate venture capital arm, Cisco Investments. They focus on companies developing hardware, enterprise software, and communications infrastructure that align with their strategic goals.

A key priority for Cisco is artificial intelligence, highlighted by their recent $1 billion AI investment fund. Their portfolio includes major AI players like Cohere, Mistral AI, and Scale AI, showing a focus on backing established leaders in the space.

Cisco is an excellent match for founders building enterprise-focused AI or infrastructure technologies that can integrate with Cisco's ecosystem. If you are seeking a strategic investor with significant market reach and a clear focus on the future of AI, Cisco could be a strong partner.

• Investor type: Corporate Venture Capital
• Industries of focus: AI, Communications Infrastructure, Enterprise Software, Hardware, Software
• Geographical presence: Based in San Jose, California
• Founded: 1984
• Notable portfolio companies: Cohere, Mistral AI, Scale AI, Anthropic, VMware
• Number of investments: 229

You can refer to their website here.

3. Lockheed Martin Ventures

Lockheed Martin Ventures is the venture capital arm of the global aerospace and security corporation, Lockheed Martin. They invest in companies developing technologies that are strategically important to their core business.

The firm concentrates on early-stage ventures, especially in deep tech sectors like national security, space travel, and advanced hardware. Their portfolio includes companies like Ayar Labs, which makes optical chips for high-performance computing, and Mythic, an AI-processor startup, showing a clear focus on foundational technologies.

If your startup is building technology with applications in the defense, aerospace, or security industries, this firm is a strong potential partner. Founders looking for a strategic investor with deep industry knowledge and a potential path to enterprise contracts should consider them.

• Investor type: Corporate Venture Capital
• Investment stages: Early Stage Venture
• Industries of focus: Aerospace, National Security, Hardware, Space Travel
• Geographical presence: Based in Bethesda, Maryland
• Founded: 2007
• Notable portfolio companies: Terran Orbital, Ayar Labs, Mythic, DUST Identity
• Number of investments: 91

You can refer to their website here.

4. Brick & Mortar Ventures

Brick & Mortar Ventures is a venture capital firm that backs companies developing software and hardware solutions for the built world. They invest in emerging technologies designed for the architecture, engineering, and construction industries.

The firm has a distinct specialization in construction technology, underscored by a portfolio of major exits like PlanGrid, which was acquired by Autodesk for $875 million. This history of successful acquisitions signals their ability to support companies that solve critical industry problems.

If you are a founder building technology for the construction, real estate, or facility management sectors, this firm is a strong potential partner. Their focused expertise makes them a great fit for startups seeking a strategic investor with deep industry connections.

• Investment stages: Early Stage Venture, Seed, Venture
• Industries of focus: Construction, Architecture, Civil Engineering, Hardware, Software
• Geographical presence: Based in San Francisco, California
• Founded: 2015
• Notable portfolio companies: PlanGrid, BuildingConnected, Fieldwire, HoloBuilder
• Number of investments: 83

You can refer to their website here.

5. at.inc/

at.inc/ is a venture capital firm that partners with founders at the earliest stages of company creation. They focus on providing seed and early-stage venture funding across a range of technology sectors, from hardware and quantum computing to fintech and biotech.

The firm’s strategy centers on backing companies from inception and guiding them toward significant exits. This is demonstrated by their portfolio, which includes successes like Opendoor's IPO and the acquisitions of Peer5 by Microsoft and Cortex by Databricks.

at.inc/ is a good match for founders with deep-tech or specialized software ideas who are looking for a hands-on investor from day one. If you need a partner to help you navigate the path from a seed-stage concept to a major market outcome, they are worth considering.

• Investment stages: Early Stage Venture, Seed
• Industries of focus: Biotechnology, Cloud Infrastructure, Financial Services, FinTech, Hardware, Internet, Quantum Computing, Semiconductor, Software
• Geographical presence: Based in San Francisco, California
• Founded: 2015
• Notable portfolio companies: Opendoor, Peer5, The Wild, Cortex
• Number of investments: 42

You can refer to their website here.

6. mHUB

mHUB is an innovation center focused on hardtech and manufacturing, providing both capital and hands-on support to early-stage companies. It operates as a unique blend of an accelerator, incubator, and micro-VC to help founders turn complex ideas into physical products.

The firm’s model emphasizes operational support, giving founders access to resources for product design, prototyping, and manufacturing. Its portfolio includes notable startups like NovaXS, a YC graduate developing a needle-free drug delivery device, and Hyivy Health, a CES 2024 Innovation Award winner.

mHUB is an ideal partner for founders building physical products who need more than just a check to succeed. If you are at the seed or early stage and could benefit from deep manufacturing expertise and a hands-on community, they are worth a look.

• Investor type: Accelerator, Incubator, Micro VC, Venture Capital
• Investment stages: Seed, Early Stage Venture
• Industries of focus: Hardtech, Manufacturing, IoT, Consumer Electronics, Product Design
• Geographical presence: Based in Chicago, Illinois
• Founded: 2017
• Notable portfolio companies: NovaXS, Hyivy Health, Aerospec
• Number of investments: 45

You can refer to their website here.

7. Comet Labs

Comet Labs is a venture capital fund and incubator based in San Francisco that invests in AI and robotics startups. They concentrate on building intelligent machines, providing both capital and hands-on support to companies at the earliest stages.

The firm’s dual role as an incubator and micro-VC signals a hands-on approach to company building, particularly for deep-tech products. Their portfolio highlights this focus, featuring companies like Pony.ai, a self-driving technology firm, and Megvii, a computer-vision unicorn.

Comet Labs is a great match for founders at the seed or early stages who are developing hardware or software in the AI and robotics space. If you need an investor that provides both capital and incubation support to build intelligent machines, they are a strong potential partner.

• Investor type: Micro VC, Venture Capital, Incubator
• Investment stages: Seed, Early Stage Venture
• Industries of focus: Artificial Intelligence (AI), Robotics, Hardware, Machine Learning
• Geographical presence: Based in San Francisco, California
• Founded: 2015
• Notable portfolio companies: Pony.ai, Megvii, Simbe, Kinara
• Number of investments: 40

You can refer to their website here.

8. StartX (Stanford-StartX Fund)

StartX is an educational non-profit that accelerates the development of Stanford’s top entrepreneurs. It functions as a founder community, providing access to a broad network of experts and resources without taking equity upfront.

The firm’s model is distinctive, offering non-equity assistance alongside venture funding, which points to a founder-centric approach. Its track record includes backing breakout companies like Lime, OpenSea, and Patreon, demonstrating a capacity to support startups that achieve massive scale.

StartX is an ideal partner for founders with a Stanford affiliation who are at the earliest stages of building their company. If you are looking for a strong community and educational support to complement your fundraising efforts, this accelerator is a great place to start.

• Investor type: Accelerator, Venture Capital
• Investment stages: Seed, early-stage venture, convertible notes, and non-equity assistance
• Industries of focus: Hardware, Biotechnology, Enterprise Software, FinTech, Medical Devices
• Geographical presence: Based in Palo Alto, California
• Founded: 2011
• Notable portfolio companies: Lime, OpenSea, Patreon, Life360, Protocol Labs
• Number of investments: 338

You can refer to their website here.

9. iD Ventures America

iD Ventures America is the venture capital arm of iD SoftCapital Group, investing in technology companies from its base in Silicon Valley. Formerly known as Acer Technology Ventures America, the firm has a long history of backing both hardware and enterprise software businesses.

The firm's portfolio is marked by major, category-defining exits like iRobot and Fortinet, showing a capacity to support companies through IPOs and large-scale acquisitions. They invest across a broad spectrum, from early-stage rounds to private equity, indicating they can be a long-term financial partner.

iD Ventures America is a good fit for founders of hardware or enterprise software companies who have a clear path to market leadership and are seeking a long-term investor. If your company has the potential for a significant exit, their track record suggests they are a valuable partner.

• Investment stages: Early Stage Venture, Late Stage Venture, Private Equity
• Industries of focus: Enterprise Software, Hardware
• Geographical presence: Based in Santa Clara, California
• Founded: 1998
• Notable portfolio companies: iRobot, Fortinet, Ginkgo Bioworks, Toplogis

You can refer to their website here.

What This Tells Us About The VC Scene for Hardware Companies

This overview from our team at Rho shows a few clear patterns in the funding environment for hardware companies. There is a notable concentration of investors focused on the pre-seed, seed, and early stages. This is great news if you are a founder at the beginning of your journey, as firms like mHUB and StartX offer not just capital but also critical hands-on support for product development.

You will also find a healthy mix of investor types, from corporate venture arms seeking strategic alignment to specialized accelerators. While many of the firms are located in California, key investors are also present in other major tech hubs. This variety gives you options to find a partner that best fits your company's specific needs and stage of growth.

Raise Confidently with Rho

Fundraising requires significant time and focus, so approaching the right investors from the start is key. We hope this list helps you connect with partners who truly understand your business.

Once your round is closed, the work of managing that capital begins. If you’ve just raised, Rho can help you set up your financial stack in minutes.

Our platform provides business banking, corporate cards, and bill pay in one place. This gives you the tools to manage your new funding with clarity and control.

FAQs about Venture Capital Firms Focused on Hardware

What are the top US cities for hardware venture capital firms?

Silicon Valley remains the primary hub, but other cities like Boston, Austin, and New York have a growing number of technology-focused VCs. These firms often have deep expertise in specific sectors like robotics, biotech, or manufacturing.

Are there VCs that specialize only in deep tech or robotics?

Yes, many firms focus exclusively on deep tech sectors like AI, robotics, and semiconductors. These specialized investors provide not only capital but also valuable industry connections and a deep understanding of complex product development cycles.

What do early stage VC firms look for in a hardware startup?

Early stage investors typically look for a strong founding team, a working prototype that demonstrates your core technology, and clear evidence of a large market opportunity. They also want to see a thoughtful plan for manufacturing and scaling.

How is raising from a corporate venture capital firm different?

Corporate VCs often seek strategic alignment with their parent company's business. An investment can lead to valuable partnerships, distribution channels, and industry expertise, but may come with specific expectations for collaboration or integration with their ecosystem.

How can I best manage my capital after closing a funding round?

Once you've secured funding, managing it effectively is crucial. Our platform gives you the tools to control your new capital with business banking, corporate cards, and automated payments. You can get started with Rho in minutes.